Hallenstein Glasson is braced for a drop in first half profits after poor pre-Christmas sales. Photo / Paul Estcourt
Clothing retailer Hallenstein Glasson yesterday confirmed it expects a lower first half profit.
It said group sales and gross margin for the key trading period of December had been equal with last year.
"While sales pre-Christmas were patchy, post Christmas sales had been strong, making up for lost
ground earlier in the month," the company said.
Sales from August 2 to January 20 were 2 per cent down on a year ago "reflecting the uncertain trading conditions in both New Zealand and Australia".
The company said stock levels were below last year. Net profit after tax for the six months to February 1 is projected at around $9 million against $9.9 million a year earlier.
In November, the company warned that the profit would probably be down on a year earlier.
Shares in Hallenstein in a strong market were unchanged on $3.56. When the company made the downgrade in November, they were at $4.39.
- NZPA
